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Samantha desposited $650 into a savings account that pays 3.5% interest compound annually. After 6 years what will be the value of her investment in dollars?
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Samantha desposited $650 into a savings account that pays 3.5% interest compound annually. After 6 years what will be the value of her investment in dollars?

User Chris Roy
by
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1 Answer

7 votes
Hi there
The formula is
A=p (1+r)^t
A future value?
P present value 650
R interest rate 0.035
T time 6 years

A=650×(1+0.035)^(6)
A=799.02

Hope it helps
User Hertzsprung
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